U.S. stock futures rose, bouncing back slightly from the previous session's sharp losses, supported by economic data on employment and productivity that met expectations.
About an hour before the opening bell, futures on the Dow Jones Industrial Average gained 55 points, or 0.4%, to 12799. The Dow slid 204 points, or 1.6% on Tuesday to mark the first triple-digit loss in 46 sessions and the first 200-point drop since Nov. 23.
Standard & Poor's 500-stock index futures were up 6.2 points, or 0.5%, to 1348 and Nasdaq 100 futures added 13 points, or 0.5%, to 2602. Changes in stock futures don't always accurately predict stock moves after the opening bell.
The S&P 500's drop of 20.97 points, or 1.54%, on Tuesday was the biggest point and percentage decline since Dec. 8.
Data on private-sector job growth released by Automatic Data Processing and consultancy Macroeconomic Advisers, found non-farm payrolls expanded by 216,000. Economists surveyed by Dow Jones Newswires expected a consensus increase of 215,000 jobs, up from 170,000 in January. The ADP report is seen as a preview to the closely-watched government employment report to be released on Friday.
Meanwhile, productivity grew 0.9% in the fourth quarter, meeting the consensus estimate, and unit labor costs rose at a 2.8% annualized rate, revised upward from the original reported increase of 1.2%, the Labor Department said. Economists expected the revised rate to remain flat; still, it was lower than the third-quarter annualized rate of 3.9%.
Also on the economic docket, new data on January consumer credit is due out at 3 p.m., EST.
European markets edged higher, but investors treaded cautiously ahead of the deadline for private-sector creditors to sign on to Greece's debt swap on Thursday. The Stoxx Europe 600 rebounded by 0.5% after shedding 2.7% in the previous session.
Asian bourses were broadly lower on the back of U.S. losses. China's Shanghai Composite lost 0.7% and Japan's Nikkei Stock Average gave up 0.6%.
Gold futures tacked on 0.5% to $1,679.90 an ounce, while oil futures advanced 0.4% to $105.10 a barrel. The U.S. dollar gained ground against the euro and the yen. The yield on the 10-year U.S. Treasury rose to 1.964%.
In corporate news, General Electric confirmed its 2012 financial outlook and its expectations for continued double-digit percentage revenue growth in global growth regions this year and next. Shares of the blue-chip conglomerate were up 0.9% in premarket trading.
Pandora reported a wider-than-expected fiscal fourth-quarter loss and less revenue than anticipated and provided a first-quarter outlook that was well below current projections. The Internet radio service's shares dropped 25% ahead of the open.
Discovery Laboratories said the U.S. Food and Drug Administration approved SURFAXIN for the prevention of respiratory distress syndrome in premature infants. The stock surged 39% in premarket trading.
Ciena reported fiscal first-quarter results that missed expectations, but it was upbeat about the current quarter and the outlook for the second-half of the year. The network gear maker's stock was up 8.3% ahead of the open, after losing 14% amid a seven-session losing streak.
Children's Place Retail Stores' fiscal fourth-quarter earnings and revenue fell short of expectation, and its first-quarter and full fiscal year earnings outlooks were below current forecasts. The stock lost 7.4% ahead of the open.
Priceline.com announced plans to privately sell up to $875 million worth of convertible debt, and plans to use the proceeds to buy back up to $200 million worth of its common stock. The online travel agent's stock tacked on 0.9% in the premarket.
Cypress Semiconductor lowered its revenue outlook for the current quarter, citing recent order decreases from certain wireline and handset customers, and weaker-than-expected revenue from its distribution channel. The chip maker's stock was inactive ahead of the open.
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